Intel reported earnings and higher-than-expected guidance Thursday and its shares rose in late trading, after the company’s chief financial officer said the company was starting to see “green shoots.”
The semiconductor company reported a first-quarter adjusted earnings per share loss of 4 cents, compared to Wall Street’s estimate of a loss of 16 percent, according to FactSet. Revenue came in at $11.7 billion, above analyst expectations of $11.01 billion, but was down 36% year over year.
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Intel reported earnings and higher-than-expected guidance Thursday and its shares rose in late trading, after the company’s chief financial officer said the company was starting to see “green shoots.”
The semiconductor company reported a first-quarter adjusted earnings per share loss of 4 cents, compared to Wall Street’s estimate of a loss of 16 percent, according to FactSet. Revenue came in at $11.7 billion, above analyst expectations of $11.01 billion, but was down 36% year over year.
For the current quarter, Intel gave a forecast revenue range of $11.5 billion to $12.5 billion — which was above the consensus of $11.74 billion at the midpoint.
Shares of Intel (stock ticker: INTC) rose 3.8% to $31.00 in the after-hours session.
In a telephone interview with BarronIntel’s chief financial officer, David Zinsner, said the company continues to face a challenging macro environment, but the overall outlook for PC demand was roughly in line with their expectations for the quarter. Executive confirmed Former PC maker Intel predicted in 2023 the minimum range of 270 million to 295 million units. On the positive side, he said, Intel has seen some stabilization in PC demand and “green shoots” of positive economic momentum in China.
Announcement – scroll to continue
Sales of personal computers — many of which are powered by Intel chips — have only increased in recent quarters. Earlier this month, research firm IDC said global shipments of personal computers fell 29% in the March quarter compared to a year earlier. This follows a 28% decline from a year earlier in the December quarter and a 15% decline in the September quarter.
Intel shares are down about 35% over the past 12 months.
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